Thursday, October 14, 2010

New Median Income Figures Released for all Bankruptcy Cases Filed after November 1, 2010

The United States Trustee Program has released new Census Bureau data which is used for means testing calculations regarding Chapter 7 and Chapter 13 bankruptcy petitions. Due to the updated figures, the various standards for the expenses in the "means test" form will change for all bankruptcy cases filed on or after November 1, 2010.

In Massachusetts, the new Median Family Income figures are as follows:

Family Size of 1: $54,161 Family Size of 2: $67,142 Family Size of 3: $82,385 Family Size of 4: $100,462

In addition, add $7,500 for each individual in excess of 4.

For a list of the updated median family income figures for other states, a complete list is provided here.

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